North Carolina Down Payment Support Programs

Payments Gateway - These systems will be the Down Payment Assistance System and also the Mortgage Credit Certificate.

If you meet the requirements for one of those programs and also you purchase a home between December 1, 2009 and January 1, 2009, you might also be eligible for the $8,000 tax credit merely enacted into law.

First, who is a First Time Home Buyer? There is a First Time Home Buyer someone who has not owned a home in the previous three years. Here is precisely the same qualifying definition for the $8,000 tax credit.

What's a Mortgage Credit Certificate and Who Qualifies?

The MCC takes this a step farther. An MCC “reduces your tax liability depending on a portion of the mortgage interest which you pay.

Should you are eligible for the MCC, you can claim 20% of the interest you pay as a credit in your federal income taxes on your mortgage. It is possible to save as much as $2,000 on your taxes.

Should you qualify for 2009, for the MCC, you may manage to unite this with the $8,000 tax credit. This would reduce the tax liability of a buyer's .

Household income means the “gross income of the mortgagor and every other person expected to live in the dwelling who is 18 years of age or older.”

House price limitations Durham and Chatham Counties and the income are given below.

MCC Income Limitations 1 Person $61,500 2 Persons $61,500 3 Individuals $70,500 4 Men $70,500

MCC Sales Cost Limitations New Dwelling $220,000 Existing Dwelling $210,000

The customer only has to pay and the load would pay as much as $8,000 of the remaining balance.

This program has more stringent income limits than the MCC program outlined above. Like the MCC application, it could be used along with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit help, nonetheless, cannot be applied along with the MCC. It is an either or scenario.

House price limits that apply in Durham, Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Persons $57,050

Down Payment Support Sales Cost Limits New Home $210,000 Existing Residence $210,000